Falling property values and rising construction costs have led English Partnerships and Elliot Lipton’s First Base to slash the affordable housing quota at a key scheme within south London’s Elephant & Castle regeneration zone.
The pair were given the go-ahead to reduce the amount of affordable housing in the 44-storey residential tower – from 40% to 31.5% – at a planning meeting on Tuesday.
A total of 319 of the 470 homes will now be sold on the open market, compared with the 282 previously planned.
First Base director Richard Powell said he was “frustrated” to have had to make the request, but that it was “the only course of action available to us to crack on with the scheme”.
Southwark councillors said they had voted unanimously to allow the reduction because of the “exceptional significance” of the scheme to the regeneration of Elephant & Castle.
First Base is part of the Lend Lease-led consortium that was selected last year to bring forward the £1.5bn regeneration of the area.
